TCRAP_Public/071015.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, October 15, 2007, Vol. 10, No. 204

                            Headlines

A U S T R A L I A

CHRYSLER LLC: Inks Tentative Pact on New Labor Contract w/ UAW
CHRYSLER LLC: UAW Strike Deadline Looms, Contract Talks Stall
FLINDERS POWER: Fitch Affirms BB+ Issuer Default Rating
FOOT LOCKER: S&P Cuts Ratings to BB on Low Operating Performance
LIFE THERAPEUTICS: Shares Surge on AU$88MM Offer for 12 Assets

NRG ENERGY: Earns US$149 Million in Second Quarter Ended June 30
SCO GROUP: Taps Pachulski Stang as Bankruptcy Co-Counsel
SYMBION HEALTH: Primary Calls Board 'Myopic' Over Rejection


C H I N A   &   H O N G  K O N G

CITIC GROUP: Joins Bid for 20% Stake in Bear Stearns
CHINA EASTERN: Expects to Grow with Singapore Air's Partnership
FUYAO GLASS: Third Quarter Profit Soars 54% to CNY240.5 Million
TCL MULTIMEDIA: Appoints Philip's Former Vice-Head as CEO
TCL MULTIMEDIA: Philip's May Increase 6.3% Stake

TCL MULTIMEDIA: Enters Indian Market w/ DS Kulkarni Partnership
ZTE CORP: Joins China Mobile in WAP Expansion Project
* Chinese Airlines Assesses Impact of Boeing Orders Delay


I N D I A

BAUSCH & LOMB: Expects US$630MM Net Sales in Qtr. Ended Sept. 29
GENERAL MOTORS: New Labor Contract Protects UAW Jobs
GENERAL MOTORS: Launches Uzbekistan Car Venture With Uzavtoprom
GMAC LLC: Financial Services Buys Equity Stake in GMAC India
ICICI BANK: Exit from Sub-prime Business Likely, Report Says

ITI LTD: Members Approve Appointment of Two New Directors
PRIDE INTERNATIONAL: Morgan Keegan Keeps Market Perform Rating
SAMTEL COLOUR: CDR Cell Approves Financial Restructuring Scheme
SHYAM TELECOM: Gets 3-Month Extension for Holding of AGM


J A P A N

ADVANCED MEDICAL: Moody's Cuts Corporate Family Rating to B2
ADVANCED MEDICAL: Taps Michael Lambert as CFO
JAPAN AIRLINES: Expands Code Share w/ Korean Air Lines


K O R E A

SUN MICROSYSTEMS: Pushes to Expand Consumer Market, Report Says
* S&P Affirms Republic of Korea's Sovereign Ratings


M A L A Y S I A

AMSTEEL CORP: Bursa Removes Securities from List
DATAPREP HOLDINGS: Looks to Buy Firms with Same Core Business
MYCOM BERHAD: Seeks Shareholders' Nod on Change of Name


N E W  Z E A L A N D

FELTEX CARPETS: Material Info Withheld, Security Commission Says


P H I L I P P I N E S

BANCO DE ORO-EPCI: BSP OKs Unsecured Subordinated Debt Issuance

     - - - - - - - -

=================
A U S T R A L I A
=================

CHRYSLER LLC: Inks Tentative Pact on New Labor Contract w/ UAW
--------------------------------------------------------------
Tom LaSorda, Vice Chairman and President of Chrysler LLC,
disclosed that the company and the United Auto Workers union
have reached a tentative agreement on a new national labor
contract, covering approximately 45,000 represented employees.
The agreement is subject to UAW member ratification.

The tentative agreement includes a memorandum of understanding
to establish an independent retiree health care trust, as well
as other changes to the national agreement.  Following
ratification, implementation of the memorandum of understanding
is subject to approval by the courts and satisfactory review of
accounting treatment with the Securities Exchange Commission.

The national agreement is consistent with the economic pattern,
and balances the needs of its employees and company by providing
a framework to improve its long-term manufacturing
competitiveness.  At this time, both parties cannot discuss
specifics of the agreement pending a ratification vote -- an
internal UAW process.

                       About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The company has dealers worldwide, including Canada, Mexico,
U.S., Germany, France, U.K., Argentina, Brazil, Venezuela,
China, Japan and Australia.

                          *    *    *

On Oct. 1, 2007, Standard & Poor's Ratings Services placed its
corporate credit ratings on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC on CreditWatch with positive
implications.

As reported in the Troubled Company Reporter on Aug. 8, 2007,
Standard & Poor's Ratings Services revised its loan and recovery
ratings on Chrysler LLC's (B/Negative/--) US$10 billion senior
secured first-lien term loan facility due 2013, following
various changes to terms and conditions prior to closing.  The
US$10 billion first-lien term loan now consists of a US$5
billion "first-out" tranche and a US$5 billion "second-out"
tranche, so the aggregate amount of first-lien debt remains
unchanged.

Accordingly, S&P assigned a 'BB-' rating to the US$5 billion
"first-out" first-lien term loan tranche.  This rating, two
notches above the corporate credit rating of 'B' on Chrysler
LLC, and the '1' recovery rating indicate S&P's expectation for
very high recovery in the event of payment default.  S&P also
assigned a 'B' rating to the US$5 billion "second-out" first-
lien term loan tranche.  This rating, the same as the corporate
credit rating, and the '3' recovery rating indicate S&P's
expectation for a meaningful recovery in the event of payment
default.

Moody's Investors Service has affirmed Chrysler Automotive LLC's
B3 Corporate Family Rating, and the Caa1 rating of the company's
US$2 billion senior secured, second lien term loan in connection
with Monday's closing of DaimlerChrysler AG's sale of a majority
interest of Chrysler Group to Cerberus Capital Management LLC.


CHRYSLER LLC: UAW Strike Deadline Looms, Contract Talks Stall
-------------------------------------------------------------
The United Auto Workers union's deadline to rally against
Chrysler LLC draws near as contract negotiations between the
parties stall on over wages, health care and other issues,
various papers report citing sources familiar with the matter.

As reported in yesterday's Troubled Company Reporter, Chrysler
has until 11 a.m. today, Wednesday, Oct. 10, 2007, to close its
contract negotiations with the UAW, otherwise 49,000 union
members will hold a strike against the company.

Chrysler employees, sources say, are wary of the track record of
new owner Cerberus Capital Management LP, who have less
experience with the UAW.

As previously reported, Cerberus Capital doesn't want to be
burdened with the cost of transferring retiree health care
administration to the UAW.

Chrysler indicated that it opts to use more convertible bonds,
and less cash in a union-administered fund, the Wall Street
Journal relates.  The company is also reluctant to agree to a
deal preventing outsourcing jobs to UAW workers and committing
product lines beyond the next contract.

Various papers report that the carmaker is likely to displace
1,500 non-union workers, probably through early retirement or
buyout offers.  The lay-offs add to the 11,000 hourly and 2,000
salaried jobs Chrysler had planned to cut over three years,
before it was bought by private-equity firm Cerberus Capital
Management LP from DaimlerChrysler AG nka Daimler AG.

In February 2007, DaimlerChrysler intended to cut 10,000 factory
jobs and shut down at least two plants at Chrysler Group to
return the U.S.-based division to profitability, Reuters reports
citing the Detroit News as its source.  According to the report,
a hidden restructuring plan called "Project X" aims to transform
Chrysler into a smaller, more efficient automaker.

                    About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The company has dealers worldwide, including Canada, Mexico,
U.S., Germany, France, U.K., Argentina, Brazil, Venezuela,
China, Japan and Australia.

                       *     *     *

On Oct. 1, 2007, Standard & Poor's Ratings Services placed its
corporate credit ratings on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC on CreditWatch with positive
implications.

As reported in the Troubled Company Reporter on Aug. 8, 2007,
Standard & Poor's Ratings Services revised its loan and recovery
ratings on Chrysler LLC's (B/Negative/--) US$10 billion senior
secured first-lien term loan facility due 2013, following
various changes to terms and conditions prior to closing.  The
US$10 billion first-lien term loan now consists of a US$5
billion "first-out" tranche and a US$5 billion "second-out"
tranche, so the aggregate amount of first-lien debt remains
unchanged.

Accordingly, S&P assigned a 'BB-' rating to the US$5 billion
"first-out" first-lien term loan tranche.  This rating, two
notches above the corporate credit rating of 'B' on Chrysler
LLC, and the '1' recovery rating indicate S&P's expectation for
very high recovery in the event of payment default.  S&P also
assigned a 'B' rating to the US$5 billion "second-out" first-
lien term loan tranche.  This rating, the same as the corporate
credit rating, and the '3' recovery rating indicate S&P's
expectation for a meaningful recovery in the event of payment
default.

Moody's Investors Service has affirmed Chrysler Automotive LLC's
B3 Corporate Family Rating, and the Caa1 rating of the company's
US$2 billion senior secured, second lien term loan in connection
with Monday's closing of DaimlerChrysler AG's sale of a majority
interest of Chrysler Group to Cerberus Capital Management LLC.


FLINDERS POWER: Fitch Affirms BB+ Issuer Default Rating
-------------------------------------------------------
This announcement corrects the version issued on October 8,
2007.  The legal name of the issuer remains Flinders Power
Partnership, and has not changed to Babcock & Brown Power
Flinders as previously implied.  A corrected version follows:

Fitch Ratings has today affirmed the 'BBB-' (BBB minus) senior
secured rating on Flinders Power Partnership project debt bank
facility as well as its 'BB+' Long-term Issuer Default Rating.
The Outlook is Stable.

The ratings benefit from Flinders' importance to the South
Australian market as the provider of around 40% of the States'
electricity supply.  Flinders' plants enjoy the lowest marginal
cost as the only coal-fired facilities in the region.

While Flinders relies heavily on two plants in close
geographical proximity, a portfolio approach to the six
available units, as well as a contract position over the
capacity of the Osborne cogeneration facility (Osborne) provides
production flexibility and some ability to 'self-insure'.  Fitch
expects that Flinders will continue to exhibit a conservative
hedging position which will provide stability to its cash flows.
Flinders' operating costs are expected to be relatively
predictable through its captive long-term coal supply, with
reserves sufficient until at least 2017 (with a further ten
years supply recently identified).

Flinders' relatively high leverage reduces the partnership's
financial flexibility.  Other risks include the inherited loss-
making Osborne contracts.  While Flinders' coal-fired plants are
not new facilities, the recent refurbishment of Playford has
improved the plants' performance and capacity utilization in its
targeted mid-merit dispatch role.  The continued upgrades to
Northern Power Station will also improve Flinders' future
performance.

The senior secured (project debt) rating of 'BBB-' (BBB minus)
also reflects the strong structural features of the project
finance facility.  Key enhancements include: first ranking
senior secured status; cash flow waterfall (with distribution
lock-ups which govern distributions to its shareholder); debt
service cash reserve; Osborne cash reserve; loss-making Osborne
contract structured separately to project debt; restrictions on
further indebtedness; and other covenants.


FOOT LOCKER: S&P Cuts Ratings to BB on Low Operating Performance
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured ratings on New York City-based Foot Locker
Inc. to 'BB' from 'BB+'.  S&P has removed the ratings from
CreditWatch, where they were placed with negative implications
on Aug. 18, 2006.  The outlook is negative.

"The downgrade reflects recent poor operating performance,"
explained Standard & Poor's credit analyst David Kuntz, "and our
expectation that these trends may not soon reverse."  He also
noted the likelihood that Foot Locker will not meet its fixed-
charge covenant in the second half of 2007.

"We expect operating performance to remain weak through the
remainder of 2007 and into early 2008," said Mr. Kuntz. The
company has taken significant markdowns to clear out inventory,
which should position its balance sheet well going forward.
"However," he added, "we remain concerned over the length and
severity of the downturn in the athletic shoe segment."

                       About Foot Locker

Headquartered in New York, Foot Locker, Inc. (NYSE: FL) ---
http://www.footlocker-inc.com/-- is a retailer of athletic
footwear and apparel, operated 3,942 primarily mall-based stores
in the United States, Canada, Puerto Rico, The Netherlands,
Australia, and New Zealand as of Feb. 3, 2007.


LIFE THERAPEUTICS: Shares Surge on AU$88MM Offer for 12 Assets
--------------------------------------------------------------
Life Therapeutics Ltd. shares rose to a three-month high on the
nation's exchange after it was offered a total of AU$88 million
for most of its assets, Simeon Bennett of Bloomberg News
reports.

Life Therapeutics, according to Bloomberg, surged as much as 7
cents, or 11% to 71 Australian cents on the exchange.  The
shares rose 8.6% to 69.5 cents at 11:00 a.m. on October 12,
2007, Sydney Time, valuing the company at AU$78.2 million.

The Sydney-based company, in a statement, said that it is
considering an offer from an unidentified blood processor for 12
of its 14 plasma collection centers and its central testing
laboratory.  Life Therapeutics explains that the name of the
company making the offer "cannot be disclosed at present due to
a confidentiality agreement," conveys Mr. Bennett.

The unidentified blood processor's offer, states Bloomberg,
includes AU$60 million cash, AU$10 million for inventory and a
bonus of AU$18 million provided Life meets certain plasma
production goals.

Prakash Patel, Life Therapeutic's company secretary, in an
interview discloses that a global shortage of blood plasma, used
in transfusion treatments for diseases including Hepatitis B, is
boosting demand for companies supplying the raw material.

Life Therapeutics collects blood plasma, the substance left when
red blood cells and platelets are removed, from about 5,000 U.S.
donors and also produces kits for diagnosing blood-clotting
disorders, notes Mr. Bennett.

Reportedly, the 12 assets, located in eight U.S. states,
contribute to most of Life Therapeutics' revenue.

                     About Life Therapeutics

Headquartered in New South Wales, Australia, Life Therapeutics
Limited -- http://www.life-therapeutics.com/-- is engaged in
the collection, management and distribution of plasma-based
products, and development, manufacture and sale of
electrophoresis, hematology and Gradiflow products. It operates
in five segments: Life Sera, which collects specialty plasma,
including Anti D and Hepatitis B; Life Diagnostics, which
develops, manufactures and distributes diagnostic products into
the diagnostic marketplace; Life Gels, which develops,
manufactures and distributes pre-cast electrophoresis gels into
the laboratory market; Life Bioprocess, which markets the
Gradiflow technology in both the commercial and research
markets, and Life Shared Services, which conducts corporate
functions of the organization. At June 30, 2006, the Life Gels
and Life Bioprocess division were classed as discontinued
operations. In November 2006, the Company completed the spin out
of its Australian assets by transferring these assets to a
wholly owned subsidiary, NuSep Ltd.

The Troubled Company Reporter-Asia Reporter, in its "Large
Companies with Insolvent Balance Sheets" Column on Sept. 21,
2007, listed Life Therapeutics Limited as having total assets of
US$59 million and total shareholders' equity deficit of
US$38,000.

The company, in its preliminary annual financial report for the
year ended June 30, 2007, reported a consolidated net loss of
US$15,733,000, a decrease from the US$31,459,000 net loss in the
year ended June 30, 2006.


NRG ENERGY: Earns US$149 Million in Second Quarter Ended June 30
----------------------------------------------------------------
NRG Energy Inc. reported net income for the three months ended
June 30, 2007, of US$149 million, as compared to net income of
US$203 million for the same period last year.  These results
include a US$35 million non-cash, pre-tax charge related to the
completion of the US$4.4 billion refinancing of the company's
Senior Credit Facility in conjunction with the company's
Comprehensive Capital Allocation Plan, while the 2006 period
benefited from US$15 million in pre-tax settlement agreements.

Quarterly operating income improved to US$436 million from
US$410 million in 2006.  Second quarter 2007 results included
US$36 million in net development costs for the RepoweringNRG
program.  Operating income for the three months ended June 30,
2007, were favorably impacted by increased gas generation and
pricing in the Northeast region.

Net income from continuing operations for the first half of this
year was US$214 million, compared to US$217 million for the same
period last year.  Operating income for the first six months of
2007 improved to US$709 million from US$619 million in 2006.

First half results were favorably impacted by the inclusion of
an additional month for NRG Texas as this business was acquired
on Feb. 2, 2006, and higher generation and pricing in the
Northeast region.

Cash flow from operations for the first six months of 2007 was
US$459 million, after the posting of US$103 million of net
collateral outflows, versus adjusted cash flow from operations
of US$604 million, including the benefit of US$272 million of
net collateral inflows, during the same period last year.

"Through RepoweringNRG and FORNRG we have our business well
positioned for the future, while the strong execution of our
commercial and plant operations has put us in a position to
exceed the financial goals we had announced at the beginning of
the year," commented David Crane, NRG president and chief
executive officer.  "The quarter also marked the timely
completion of construction at Long Beach, our first repowering,
and demonstrates how quickly and capably we can act upon a type
of project which will become increasingly prevalent as reserve
margins tighten in all of our core markets."

                          Balance Sheet

At June 30, 2007, the company's consolidated balance sheet
showed US$18.94 billion in total assets, US$13.36 billion in
total liabilities, US$1 million in minority interest, US$247
million in 3.625% redeemable perpetual preferred stock, and
US$5.33 billion in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?2424

                Liquidity and Capital Resources

Liquidity at June 30, 2007, was approximately US$1.85 billion,
down US$373 million since Dec. 31, 2006, and US$123 million
since June 30, 2006.  The reduction in current liquidity is
mainly due to the US$200 million reduction in synthetic letter
of credit capacity as part of the recent restructuring of the
first lien credit facility.

                            Outlook

The company is raising 2007 adjusted EBITDA guidance to US$2.20
billion from US$2.15 billion and cash flow from operations to
US$1.42 billion from US$1.40 billion to reflect its strong first
half performance, its fully hedged baseload position for the
balance of the year and the expected reduction in second half
operating expenses.

                        About NRG Energy

Hearquartered in Princeton, New Jersey, NRG Energy Inc. (NYSE:
NRG) -- http://www.nrgenergy.com/-- owns and operates a diverse
portfolio of power-generating facilities, primarily in Texas and
the Northeast, South Central and West regions of the U.S.  Its
operations include baseload, intermediate, peaking, and
cogeneration and thermal energy production facilities.  NRG also
has ownership interests in generating facilities in Australia,
Germany and Brazil.

                         *     *     *

Standard & Poor's Ratings Services rates NRG Energy Inc.'s
US$4.7 billion unsecured bonds at 'B'.  In addition, Standard &
Poor's rates NRG Energy Inc.'s corporate credit rating at 'B+'.
S&P said the outlook is stable.


SCO GROUP: Taps Pachulski Stang as Bankruptcy Co-Counsel
--------------------------------------------------------
The SCO Group Inc. and SCO Operations Inc. ask the United States
Bankruptcy Court for the District of Delaware for authority to
employ Pachulski Stang Ziehl & Jones LLP as their bankruptcy
co-counsel, nunc pro tunc to Sept 14, 2007.

Pachulski Stang is expected to:

   a) provide legal advise with respect to the Debtors' powers
      and duties as debtors in possession in the continued
      operation of their business and management of their
      property;

   b) prepare on behalf of the Debtors necessary applications,
      motions, answers, orders, reports, and other legal papers;

   c) appear in Court on behalf of the Debtors and in order to
      protect the interests of the Debtors before the Court;

   d) prepare and pursue confirmation of a plan and approval of
      a disclosure statement; and

   e) perform all other legal services for the Debtors that may
      be necessary and proper in these proceedings.

The firm's professionals and their billing rates are:

   Professional                     Hourly Rate
   ------------                     -----------
   Laura Davis Jones, Esq.              US$750
   James E. O'Neill, Esq.               US$475
   Rachel L. Werkheiser, Esq.           US$375
   Lynzy Oberholzer                     US$175

Laura Davis Jones, Esq. an attorney of the firm, assures the
Court that the firm does not hold any interest adverse to the
Debtors and their estate, and that the firm is a "disinterested
person" as that term is defined under Section 101(14) of the
Bankruptcy Code.

Ms. Jones can be reached at:

         Laura Davis Jones, Esq.
         Pachulski Stang Ziehl & Jones LLP
         919 North Market Street, 17th Floor
         P.O. Box 8705
         Wilmington, Delaware, 19899-8705
         Tel: (302) 652-4100
         Fax: (302) 652-4400
         Web site: http://www.pszjlaw.com/

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.  The company has office locations in
Australia, Austria, Argentina, Brazil, China, Japan, Poland,
Russia, the United Kingdom, among others.

The company and its affiliate filed for Chapter 11 protection on
Sept. 14, 2007 (Bankr. D. Del. Lead Case No. 07-11337).  James
E. O'Neill, Esq. and Laura Davis Jones, Esq. of Pachulski,
Stang, Ziehl & Jones LLP represent the Debtors in their
restructuring efforts.  No Official Committee of Unsecured
Creditors has been appointed to date in this case.  As of Sept.
10, 2007, the Debtors' reported total assets of US$14,800,000
and total debts of US$7,500,000.


SYMBION HEALTH: Primary Calls Board 'Myopic' Over Rejection
-----------------------------------------------------------
Takeover target Symbion Health Ltd. has been accused by Primary
Health Care of "deliberately misrepresent(ing)" a letter it sent
and of refusing to meet to discuss its proposal, reports the
Australian Associated Press.

According to the report, Primary said the behavior of Symbion's
board was "regrettable and myopic" and said it "brought into
further question the board's duty to act in the best interests
of all shareholders."

The so-called "Plan B" deal with Healthscope, as per Primary,
has been rushed to the market without any attempt to adequately
compare it to Primary's alternative "and calls into question why
the Symbion board would enter into significant break-free
arrangements with Healthscope when the probability of a better
deal emerging from Primary was a reality," states AAP.

In an October 11, 2007 report by the Troubled Company Reporter-
Asia Pacific, Symbion rejected Primary's proposal to acquire its
medical centers business and selected parts of Symbion Health's
pathology and radiology businesses.

Primary's proposal, the TCR-AP noted, was to acquire an
unspecified part of Symbion Health's NSW pathology business
(both metropolitan and some other regional assets), part of the
Victorian pathology business, Symbion Health's medical centers
and certain radiology sites located near Primary's medical
centers (the "Selective Assets").  In addition, Primary proposed
it would supply various information technology systems, for an
unspecified price.

However, the proposal, added the TCR-AP, did not include details
of a proposed price for the selective assets other than a
reference to a "net bundle price equal to, or better than, the
implied EBITDA multiples of the prior Healthscope/Symbion
proposal."

The TCR-AP conveyed that the Symbion board carefully considered
Primary's proposal and has determined that it is not in the best
interest of Symbion's shareholders.

Primary, Symbion's largest shareholder with 20% of shares,
further added, "By refusing to engage with other parties,
Symbion is ignoring opportunities which could lead to a better
outcome for Symbion shareholders and there is little doubt the
conduct of the Symbion Board will inevitably called to account,"
AAP quotes.

                     About Symbion Health

Symbion Health Limited, headquartered in Melbourne, is a
diversified Australian domestic health care business.  Most of
its earnings are derived from the provision of pathology and
diagnostic imaging services.  The company also manufactures and
markets vitamin and mineral supplements (consumer
nutriceuticals).  In addition, it operates a wholesale medical
products distribution network, focusing on the distribution of
prescription drugs to pharmacies and hospitals.

                          *     *     *

On Jan. 30, 2007, Moody's Investors Service placed the Ba1
issuer rating of Symbion Health Limited on review for possible
downgrade after the company's announcement that it has received
an ownership proposal from Primary Health Care Limited
(unrated).


================================
C H I N A   &   H O N G  K O N G
================================

CITIC GROUP: Joins Bid for 20% Stake in Bear Stearns
-----------------------------------------------------
China's CITIC Group will join the bid to acquire a 20% stake in
Bear Stearns Co., Inc., a global investment banking, securities
trading and brokerage firm, Sinocast reports.

The company will join China Construction Bank Corporation; Bank
of America Corp.; Wachovia Bank, N.A.; Hong Kong and Shanghai
Banking Corporation; and Warren Buffett, the world's second-
richest person, in the bid, the report relates.

Among all the participants, CITIC Group and Warren Buffett were
forecasted to win the bid, people familiar with the matter told
the news agency.

It is important that Bear Sterns needs a long-term capital
source and ensures more development opportunities in the hugely
potential market in China, sources said.


State-owned conglomerate CITIC Group --
http://www.citic.com/wps/portal/-- oversees the government's
international investments, as well as some domestic ones.  Its
approximately 45 subsidiaries on four different continents
include financial institutions -- more than 80% of its assets --
industrial concerns (satellite telecommunications, energy,
manufacturing), and service companies (construction,
advertising).  Holdings include stakes in CITIC Securities and
CITIC International Financial Holdings.

The Troubled Company Reporter?Asia Pacific reported that on Feb.
13, 2007, Standard & Poor's Ratings Services said that it had
removed the BB+ long-term and B short-term foreign currency
counterparty credit rating on CITIC Group from CreditWatch.  The
outlook on the ratings is developing.

At the same time, Standard & Poor's also removed the BB+ foreign
currency issue rating on the group's senior unsecured debt from
CreditWatch


CHINA EASTERN: Expects to Grow with Singapore Air's Partnership
---------------------------------------------------------------
China Eastern Airlines shows confidence in the prospects of its
cooperation with Singapore Airlines and will further advance its
cooperation with SIA and take it as a turning point in
development, Xinhua News reports.

Li Fenghua, president of China Eastern Air Group, which is the
parent company of China Eastern Airlines, said that the company
aims to grow into an airline company with international
competitiveness.  Joining hands with SIA is to help the company
solve capital shortage and obtain managing experience, Mr. Li
said.

China Eastern and SIA reached an initial agreement last month
under which SIA, together with Lentor Investments Pte. Ltd., a
wholly owned subsidiary of Temasek Holdings (Private) Limited of
Singapore, is to buy a 24% stake in China Eastern for CNY7.2
billion, the news agency recounts.  The agreement is subject to
approval by relevant regulatory authorities and shareholders.


Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal
activity is operation of domestic and international commercial
air transportation.  The Group also is involved in the common
aircraft industry. Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training. The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly.  Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

On April 28, 2006, Fitch Ratings downgraded China Eastern's
foreign currency and local currency issuer default ratings to B+
from BB-.  The outlook on the IDRs is stable.

Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating.


FUYAO GLASS: Third Quarter Profit Soars 54% to CNY240.5 Million
---------------------------------------------------------------
Fuyao Group Glass Industries Company's net profit jumped 54%
from a year earlier to CNY240.48 million (US$32.1 million) in
the third quarter of this year, Reuters reports.

Earnings per share climbed by the same percentage to CNY0.24 as
turnover rose 32% to CNY1.39 billion.

In the first nine months of 2007, net profit climbed 45% to
CNY657.18 million as core operating revenue rose 31% to
CNY3.59 billion.

"Rising demand for auto glass due to an increase in the number
of vehicles in both the domestic and international markets, as
well as growth in our float glass sales, pushed up turnover,"
Fuyao said.

Sales of auto glass rose 21%, while exports surged 152% and
float glass sales climbed 61%, Reuters says, citing the
company's statement.

Fuyao shareholders last December approved a share placement deal
worth US$113 million with Goldman Sachs, enabling the U.S. bank
to hold a 9.98% stake in the firm, but the deal is still
awaiting final approval by China's securities regulator.


Headquartered in Fuqing, Fujian Province, Fuyao Group Glass
Industries Co., Ltd. -- http://www.fuyaogroup.com/-- is a
manufacturer of automotive and industrial safety glass.  The
company provides laminated and tempered glass for automobiles,
encapsulation products, bulletproof glass, laminated and
tempered glass for buildings, furniture and decorative glass
products, front panel glass for electrical appliances and panel
glass for other specialty industrial applications.  The Company
has seven production bases in the People's Republic of China and
two wholly owned subsidiaries in the United States.  FYG mainly
exports to North America and Asia Pacific.

Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating on June 29, 2005.


TCL MULTIMEDIA: Appoints Philip's Former Vice-Head as CEO
---------------------------------------------------------
TCL Multimedia appointed on Oct. 1, 2007, Leong Yue Wing, the
former executive vice president of Business Group Entertainment
Solution at Philips, as its new chief executive officer,
Sinocast reports.

Before the appointment, TCL Corporation's chairman, Li
Dongsheng, was TCL Multimedia's CEO and he will still be the
chairman in the Hong Kong listed arm in the future, the report
adds.

Mr. Leong has been working at TCL Multimedia for more than two
months as a consultant.


Headquartered in New Territories, Hong Kong, TCL Multimedia
Technology Holdings Limited -- http://www.tclhk.com/-- designs,
manufactures and sells electronic products like colored TV, DVD
players, VCD players, home cinema hi-fi systems, mobile
handsets, Internet-related information technology products,
refrigerators and washing machines.  Its other activity includes
trading electronic parts and components used in the production
of color television sets.

On Aug. 31, 2006, the Troubled Company Reporter-Asia Pacific
reported that TCL Multimedia Technology Holdings Limited's
European operations posted a CNY763 million loss, which caused
losses of the TCL Corp. group to widen to CNY737.56 million.
Moreover, the TCR-AP on Oct. 24, 2006, said that TCL is
expecting to post a loss for the full-year because first-half
losses had been so large.  In the first half of 2006, TCL
reported a net loss of CNY737.56 million, after a loss of
CNY320.24 million in 2005.

The TCR-AP report recounted that in 2004, TCL acquired the TV
unit of French electronics firm Thomson, which uses the Thomson
brand in Europe and RCA in North America.  TCL grouped all its
TV businesses under TMT.

TTE Europe SAS, TCL's European unit, filed a declaration of
insolvency on May 24, 2007, in France after it failed to settle
a number of outstanding liabilities.


TCL MULTIMEDIA: Philip's May Increase 6.3% Stake
------------------------------------------------
Dutch electronics group Philips faces lower hurdle to get a
stake in TCL Multimedia Technology Holdings Ltd after Leong Yue
Wing, the former executive vice president of Business Group
Entertainment Solution at Philips, joined TCL Multimedia as CEO
on October 1, 2007, Sinocast reports.

Together with TCL Corporation, Philips reportedly will commence
a tender offer to purchase TCL Multimedia, the report adds.  At
present, Philips has a 6.3% stake in TCL Corporation.

The report, however, was denied by Lian Qichun, general manager
of TCL Brand Center, adding that Leong Yue Wing has retired from
Philips and has nothing to do with the Dutch company.

Since 2004, Philips has appointed several senior executives to
the Chinese partner.  They have also teamed with each other in
various aspects, such as color TVs and mobile phones, the news
agency adds.

Philips, as early as April, was reported to eye an additional
stake in TCL Multimedia.  It would conduct a tender offer and
promise not to change the latter's management team after the
plan, according to the report, or it would buy the listed
company's shares with HKD 1.422 apiece and become the No. 3
shareholders, Sinocast says.

The plan turned to ash mainly due to the disagreement from
France-based Thomson SA, a shareholder of TCL Multimedia,
sources said.  But the French bellwether's ownership in the
listed firm has fallen to less than 5% on its continuous share
selling, making it easier to Philips to prepare for its plan.


Headquartered in New Territories, Hong Kong, TCL Multimedia
Technology Holdings Limited -- http://www.tclhk.com/-- designs,
manufactures and sells electronic products like colored TV, DVD
players, VCD players, home cinema hi-fi systems, mobile
handsets, Internet-related information technology products,
refrigerators and washing machines.  Its other activity includes
trading electronic parts and components used in the production
of color television sets.

On Aug. 31, 2006, the Troubled Company Reporter-Asia Pacific
reported that TCL Multimedia Technology Holdings Limited's
European operations posted a CNY763 million loss, which caused
losses of the TCL Corp. group to widen to CNY737.56 million.
Moreover, the TCR-AP on Oct. 24, 2006, said that TCL is
expecting to post a loss for the full-year because first-half
losses had been so large.  In the first half of 2006, TCL
reported a net loss of CNY737.56 million, after a loss of
CNY320.24 million in 2005.

The TCR-AP report recounted that in 2004, TCL acquired the TV
unit of French electronics firm Thomson, which uses the Thomson
brand in Europe and RCA in North America.  TCL grouped all its
TV businesses under TMT.

TTE Europe SAS, TCL's European unit, filed a declaration of
insolvency on May 24, 2007, in France after it failed to settle
a number of outstanding liabilities.


TCL MULTIMEDIA: Enters Indian Market w/ DS Kulkarni Partnership
---------------------------------------------------------------
TCL Multimedia has entered into a technical joint venture with
Pune-based real estate and automobile firm DS Kulkarni group to
manufacture and market the former's information technology and
digital products in the Indian market, the Economic Times
reports.

The DSK group has routed its information technology foray
through its newly floated 100% subsidiary, DSK Worldman
Computers.

"The JV marks our foray into the IT and related business.  We
have made initial investments of IRS25 crore for the necessary
infrastructure, which includes setting up an assembly unit,
establishing distribution and sales network across India and for
procuring the required inventories.  It may be the first time
that a Chinese electronic goods maker has tied-up an Indian
company to manufacture its products in India," DS Kulkarni,
chairman and managing director, DSK group told ET.

According to TCL's website, its PC business accounted for nearly
5% of the group's total revenue in 2006.  This business reported
revenues of HK$1,568 million in 2006.  Until 2006, TCL's PC
business was handled by TCL Multimedia Technologies.  In 2006,
the group company hived it off to TCL Group's other listed
entity - TCL Corporation.

Although the tie up is mainly a technical one, the revenues from
the JV would eventually also accrue to TCL as the market
presence spreads, said Milind Kshirsagar, executive director and
CEO, DSK Worldman Computers Ltd.  "Initially, TCL would be
providing us with the technical knowledge and going ahead TCL
would also earn a percentage out of the total turnover," he
added.

The company has already established its sales network by
starting regional offices and appointing distributors in the
cities like New Delhi, Kolkata, Mumbai, Ahmedabad, Nagpur,
Aurangabad, Hyderabad, Bangalore and Chennai.  The sales target
set for the first year of operations is 40,000 units.  The
company says that it aims to be among the top four PC brands in
India by the next year end, the newspaper says.


Headquartered in New Territories, Hong Kong, TCL Multimedia
Technology Holdings Limited -- http://www.tclhk.com/-- designs,
manufactures and sells electronic products like colored TV, DVD
players, VCD players, home cinema hi-fi systems, mobile
handsets, Internet-related information technology products,
refrigerators and washing machines.  Its other activity includes
trading electronic parts and components used in the production
of color television sets.

On Aug. 31, 2006, the Troubled Company Reporter-Asia Pacific
reported that TCL Multimedia Technology Holdings Limited's
European operations posted a CNY763 million loss, which caused
losses of the TCL Corp. group to widen to CNY737.56 million.
Moreover, the TCR-AP on Oct. 24, 2006, said that TCL is
expecting to post a loss for the full-year because first-half
losses had been so large.  In the first half of 2006, TCL
reported a net loss of CNY737.56 million, after a loss of
CNY320.24 million in 2005.

The TCR-AP report recounted that in 2004, TCL acquired the TV
unit of French electronics firm Thomson, which uses the Thomson
brand in Europe and RCA in North America.  TCL grouped all its
TV businesses under TMT.

TTE Europe SAS, TCL's European unit, filed a declaration of
insolvency on May 24, 2007, in France after it failed to settle
a number of outstanding liabilities.


ZTE CORP: Joins China Mobile in WAP Expansion Project
------------------------------------------------------
ZTE Corp. has won 85% of new nodes for the seventh expansion of
China Mobile's Multimedia Messaging Service and another 75% of
new nodes during the latter's WAP expansion, Chinatech News
reports.

As a leading telecom operator, China Mobile ranks tops in the
world in terms of both users and innovative services.  SMS, MMS
and WAP related services have been the major value-added
services for the company, the report says.

Anyservice, the brand service of ZTE will work on the project.
Up to the end of 2006, Anyservice had been used in more than 30
value-added service international areas.  At present it is being
used by many top-end telecom operators including Vodafone,
France Telecom, Norway Telecom and Singaporean Telecom.

With the project, ZTE has now become one of the core partners of
China Mobile on value-added services and previously won the
bidding of China Mobile's MMS web and related products,
Chinatech adds.


Headquartered in Shenzhen, China, ZTE Corp's principal
activities are the production and sale of general system and
communication terminal equipments.

The group operates both in the domestic and international
market.

The Troubled Company Reporter-Asia Pacific reported on Dec. 1,
2006, that Fitch Ratings assigned ZTE Corp. Long-term foreign
and local currency Issuer Default ratings of 'BB+'.  The rating
Outlook is Stable.


* Chinese Airlines Assesses Impact of Boeing Orders Delay
---------------------------------------------------------
Chinese airlines are assessing the impact of the delay in Boeing
Co.'s delivery of the new 787 Dreamliner aircraft on their
operations, CNN reports.  Most analysts believe any affect on
local carriers' growth will be limited.

Early last week, Boeing announced that its first deliveries of
the Dreamliner would be delayed by six months because of
assembly troubles.

According to CNN, a person at Boeing China's public relations
department, who did not wish to be named, said that the delay
will hit certain Chinese airlines, which have collectively
ordered 60 787s.  The official declined to say how many are due
for delivery next year.

Data from UBS shows 15 Dreamliners are scheduled for delivery to
Chinese airlines next year:

   -- two for Air China Ltd
   -- four for China Southern Airlines Co
   -- four for China Eastern Airlines Corp.
   -- two for Shanghai Airlines, and
   -- three for Hainan Airlines Co.

UBS analyst Damien Horth said the delays would be "more of an
inconvenience than a fundamental issue to Chinese airlines."

"There is the potential that the delays can crimp the growth of
Chinese airlines next year, but the offsetting fact will be any
compensation from Boeing, as well as the reduction of
overcapacity issues with the Chinese airlines," he said.

Air China Ltd. spokeswoman Rao Xinyu told CNN that it's still
hard to analyze the impact of the delay, as it's not immediately
clear how much of its order will be affected.  She said Air
China has ordered altogether 15 Boeing 787 Dreamliners.

A HNA Group official familiar with the situation, who declined
to be named, said just one of Hainan Airlines Co.'s total order
of 10 Boeing 787s will be affected by this delivery delay.  HNA
Group is the parent company of listed Hainan Airlines.

The aircraft was originally scheduled for delivery in May or
June next year, ahead of the Beijing Olympic Games, the official
said.

He said the delay would certainly affect the company's business,
although it's unclear yet how big the impact will be.

Officials from the other airlines were not immediately available
for comment.

Jinqing Li, an airlines analyst with Fitch Ratings, also
believes the impact on the airlines' operations and growth will
be insignificant.

He added that it's still unclear whether the Chinese carriers
intend to use the 787s for international or domestic routes.
Currently China is encouraging the use of larger airplanes to
ease tight domestic air capacity.


=========
I N D I A
=========

BAUSCH & LOMB: Expects US$630MM Net Sales in Qtr. Ended Sept. 29
----------------------------------------------------------------
Bausch & Lomb Inc. reported preliminary financial results for
the third quarter ended Sept. 29, 2007.  The company disclosed
projected net sales of between US$625 million and US$630 million
for the three months ended Sept. 29, 2007, compared to net sales
of US$577.3 million in the same period in the prior year.  That
would represent an increase of between 8% and 9% on a reported
basis, or approximately 5% growth in constant currency.

For the quarter ended Sept. 29, 2007, the company disclosed
estimated operating income of between US$63 million and
US$65 million, EBITDA of between US$95 million and
US$97 million, and Adjusted EBITDA of between US$119 million and
US$121 million.  In the prior-year period we reported operating
income of US$30.1 million; EBITDA of US$61.8 million and
Adjusted EBITDA of US$84.9 million.

     Settlement of Material Intellectual Property Litigation

Effective Oct. 8, 2007, the company has settled the patent
infringement action against it entitled Rembrandt Vision
Technology, L.P. vs. Bausch & Lomb Incorporated, bearing case
number 2:05 CV 491, and pending in the Federal District Court
for the Eastern District of Texas (Marshall Division).

Under the settlement, the lawsuit against the company will be
dismissed with prejudice and Rembrandt agrees not to sue the
company under Rembrandt's oxygen permeability and tear-
wettability technology that it claims to be protected by a U.S.
Patent No. 5,712,327 entitled "Soft Gas Permeable Lens Having
Improved Clinical Performance."

The financial terms of the settlement, which are not material to
the company, have not been disclosed.

                       About Bausch & Lomb

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico. In Europe, the company maintains operations
in Austria, Germany, the Netherlands, Spain, and the United
Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 9, 2007,
Moody's Investors Service assigned a B2 Corporate Family Rating
to WP Prism LLC.  It is Moody's understanding that at the close
of the transaction, WP Prism LLC will merge into Bausch & Lomb
Incorporated, which will be the surviving entity.

As reported in the Troubled Company Reporter on Oct. 8, 2007,
Standard & Poor's Ratings Services lowered it corporate credit
rating on Bausch & Lomb Inc. to 'B+' from 'BB+' and removed all
the ratings from CreditWatch where they were placed on May 17,
2007, with negative implications.  The outlook is stable.


GENERAL MOTORS: New Labor Contract Protects UAW Jobs
----------------------------------------------------
It took a two-day strike, extraordinary solidarity and more than
two months of tough bargaining for 73,000 United Auto Workers
union members at General Motors Corp. to bring home a new
contract with unprecedented product and investment commitments.

With the protection of U.S. manufacturing jobs at the top of the
union's bargaining agenda, UAW negotiators insisted on -- and
won -- solid pledges from GM to build specific products in
specific plants.

GM also agreed to a moratorium on outsourcing, a pledge to
insource more than 3,000 UAW jobs and a commitment to hire 3,000
temporary workers as permanent GM employees.

"For too many years, America has stood idly by while industries
moved overseas," UAW President Ron Gettelfinger said.  "U.S.
autoworkers made a decision.  We were fighting for U.S. auto
jobs.  We made progress at GM, and we're going to continue to
advocate for a strong U.S. manufacturing sector."

The tentative agreement, reached at 3:05 a.m. Sept. 26, 2007,
delivers solid economic gains for active and retired members,
despite repeated attempts by GM to impose harsh takeaways.

The new contract covers more than 73,000 active workers at GM
and more than 269,000 GM retirees and 69,000 surviving spouses.
It will expire on Sept. 14, 2011.

The agreement delivers substantial economic gains to active
workers, including a US$3,000 signing bonus, two 3% lump sums
and a 4% lump sum.  Projected economic gains for a typical UAW
GM assembler during the life of the agreement will total
US$13,056, including bonuses, lump sums, and projected gains
from cost-of-living allowances.

The contract also brings unprecedented job security with company
commitments to invest in new products for its existing U.S.
facilities, as well as a moratorium on plant closings and
outsourcing of work over the life of the agreement.  The UAW
also was able to secure a commitment to hire 3,000 temporary
workers into full-time, traditional employment.

The contract maintains comprehensive health care, with dental,
hearing and other benefits, and prescription drug coverage for
active workers.  In addition, GM will contribute more than
US$35 billion to secure long-term health care for UAW GM
retirees.  This includes a US$24.1 billion contribution to a new
Voluntary Employee Beneficiary Association, which will establish
an independent trust fund to pay retiree health benefits; up to
US$1.6 billion in additional contributions if needed to maintain
the solvency of the trust fund; a US$4.37 billion convertible
note issued by GM, and an estimated US$5.4 billion in direct
payments for retiree health care through Jan. 1, 2010, before
the new VEBA is operational.  Active workers will contribute to
the cost of retiree health care through COLA diversions, and
because resources that would have been used for a general wage
increase for active workers will instead be contributed to the
VEBA.  A portion of COLA payments will also be diverted to
defray the cost of health care for active workers.

Retired workers will have their health benefits secured by a
Voluntary Employee Beneficiary Association, prefunded by GM with
US$29.9 billion in cash and other assets.  The fund can only be
used to pay retiree health benefits, and will remain solvent for
decades regardless of the financial condition of GM.

For the first time, the UAW GM agreement will provide both an
increase in basic pension benefits for retirees and a lump-sum
payment in the first year of the agreement.  Basic pension
benefits are increased in each year of the agreement and "30-
and-out" benefits are enhanced for workers who retire under the
new agreement.  Current retirees will receive a US$700 lump-sum
payment in December, and a lump-sum payment based on years of
credited service for each of the other three years of the
agreement.  Surviving spouses will receive 65 percent of these
amounts.  The new contract provides that entry-level workers at
GM in non-core job classifications such as material movement,
general stores management and kitting and sequencing will be
paid under a new, lower wage and benefit structure.  These
provisions are intended to keep work in GM plants and to
encourage the possibility of future employment growth.

In recognition of the ongoing health care crisis in the United
States, the agreement also establishes the National Institute
for Health Care Reform, a joint labor-management effort to
improve the affordability, accessibility and accountability of
the U.S. health care system.  The Institute, with US$15 million
in initial funding from five annual US$3 million payments by GM,
will serve as a research and educational center dedicated to
improving the medical delivery system, including efforts to
expand access to quality health care for all Americans.

The proposed contract will also deliver benefits to current and
future retirees, with four lump-sum payments for current
retirees, and a raise in basic benefit rates, the 30-and-out
supplement, temporary and interim benefits for future retirees.

The company came into these talks looking to shred our contract
to pieces," UAW Vice President Cal Rapson, who directs the UAW
GM Department, said.  "But you can't tear apart a group that
stands together the way UAW members do."

The new agreement also requires contributions from active UAW
members to benefit retirees, and an adjustment in wage schedules
to encourage new hiring at GM.  Resources that would have gone
to a general wage increase for active workers will instead be
used to contribute to the VEBA to fund retiree health care
benefits, and GM will have the right to hire entry-level workers
at a lower wage rate for certain "non-core" operations.

"We're dealing with the realities of a highly competitive
industry that does not operate on a level playing field," Mr.
Rapson said.  "We've negotiated a realistic agreement that
protects existing manufacturing jobs, and also creates the
possibility for future growth."

                Member Ratification of the New CBA

As reported in yesterday's Troubled Company Reporter UAW members
voted to ratify a new collective bargaining agreement with GM.
The vote was 66% in favor of the four-year pact among production
workers, and 64% in favor among skilled trades workers.

As previously reported, the union reached a tentative agreement
with GM following a two-day strike against the company.  UAW
President Ron Gettelfinger praised the membership and local
union leadership for their solid support.

"We entered these negotiations with a clear mandate from our
membership," Mr. Gettelfinger said.  "With their help and
solidarity, we were able to achieve our goals.  We protected
jobs, wages and benefits for both active and retired General
Motors workers -- and we helped protect middle-class
manufacturing jobs in communities throughout the United States."

UAW Vice President Cal Rapson, who heads the union's UAW GM
Department, commended the work of the National Negotiating
Committee, led by Bill King of UAW Local 659.

"Our bargaining committee was truly top-notch," Mr. Rapson said.
"They knew the objectives; they resisted the company's repeated
attempts to take, take, take. They really proved their mettle
during these difficult negotiations."

                      About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 28, 2007,
Fitch Ratings has affirmed and removed the Issuer Default Rating
and debt ratings of General Motors from Rating Watch Negative
following the announcement that GM has reached an agreement on a
new contract with the United Auto Workers.   Fitch currently
rates GM as: IDR 'B'; Senior secured 'BB/RR1'; and Senior
unsecured 'B- /RR5'.  GM's Rating Outlook is Negative.

As reported in Troubled Company Reporter on Sept. 26, 2007,
Moody's Investors Service is maintaining its current ratings of
General Motors Corporation -- B3 Corporate Family, Caa1 senior
unsecured and Ba3 senior secured, and Negative Outlook following
the announcement of a strike against the company by the United
Auto Workers Union.

Following the decision of the United Auto Workers union to go
out on strike against General Motors Corp., Fitch Ratings placed
General Motors Corporation's 'B' issuer default rating, 'BB/RR1'
senior secured debt rating; and 'B-/RR5' senior unsecured debt
rating on Rating Watch Negative.


GENERAL MOTORS: Launches Uzbekistan Car Venture With Uzavtoprom
---------------------------------------------------------------
General Motors Corp. has signed an agreement with Uzbek state
auto company Uzavtoprom for a joint venture to produce and sell
cars in Uzbekistan, Reuters reports, citing a statement released
by Uzavtoprom as its source.

The deal is based on an existing car plant in Uzbekistan with
annual production capacity of 250,000 Chevrolet cars.  GM would
hold a 25 percent in the venture with a possibility to raise it
to 40 percent, but the statement did not say how much the deal
is worth, Reuters relates.

Uzavtoprom set up the plant in eastern Uzbekistan in 1996
together with South Korean company Daewoo Motor.  Uzavtoprom has
been looking for a strategic partner in the project since the
Korean firm went bankrupt during a financial crisis in the late
1990s, Reuters states.

                      About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                         *     *     *

As reported in the Troubled Company Reporter on May 28, 2007,
Standard & Poor's Ratings Services placed General Motors Corp.'s
corporate credit rating at B/Negative/B-3.

At the same time, Moody's Investors Service affirmed GM's B3
Corporate Family Rating and B3 Probability of Default Rating,
and maintained its SGL-3 Speculative Grade Liquidity Rating.
The rating outlook remains negative, according to Moody's.


GMAC LLC: Financial Services Buys Equity Stake in GMAC India
------------------------------------------------------------
GMAC Financial Services, a subsidiary of GMAC LLC, has purchased
the 25.1% equity stake in GMAC Financial Services India Ltd.
from Nucleus Software Exports Limited, bringing ownership of
this automotive finance business to 100% subject to regulatory
approval.

"This transaction is a strategic decision and underlines GMAC's
commitment to the Indian market and desire to position our
business for the long term," Ruud Grin, regional vice president
for GMAC Asia Pacific, said.  "The Indian auto market is a key
area of growth and through whole ownership, GMAC will be better
positioned to continue to expand its automotive finance
business.  In addition, we value our relationship with General
Motors in this market, and will continue to support the sale of
GM products in the region."

In 2004, Nucleus Software Exports Limited, one of GMAC's key
international information technology suppliers, acquired 25.1%
of GMAC's Indian operation.

"Nucleus Software Exports Limited has been an excellent partner,
and GMAC's automotive International Operations will continue to
use Nucleus as one of its preferred information technology
providers," Mr. Grin said.

                           About GMAC

GMAC LLC -- http://www.gmacfs.com/-- formerly General Motors
Acceptance Corporation, is a global, diversified financial
services company that operates in approximately 40 countries in
automotive finance, real estate finance, insurance and other
commercial businesses.  GMAC was established in 1919 and
currently employs about 31,000 people worldwide.

GMAC Financial Services is a global, diversified financial
services company that operates in approximately 40 countries in
automotive finance, real estate finance, insurance and
commercial finance businesses.

GMAC Financial Services India Ltd. has been present in India
since 1997 with headquarters in Chennai and 100 employees in 21
offices across the country.

                          *     *     *

As reported in the Troubled Company Reporter on May 4, 2007,
Standard & Poor's Ratings Services affirmed its 'BB+/B-1'
counterparty credit rating on GMAC LLC.  The outlook was revised
to negative from developing.


ICICI BANK: Exit from Sub-prime Business Likely, Report Says
------------------------------------------------------------
ICICI Bank Ltd is likely to exit the sub-prime segment because
of the high reputation risk of the business, The Economic Times
reports citing unnamed sources in the bank.

The Time's sources pointed out that the size of the Small Ticket
Personal Loan segment was extremely small when compared with the
bank's overall retail portfolio.  The bank's exposure in this
segment was small at around INR2,000 crore, yet it had the
potential to damage the bank's image across the whole retail
spectrum, The Times relates.

The decision also follows the recent news of backlash against
harassment by loan recovery agents.

According to The Times, a borrower has committed suicide on
being harassed by recovery agents.  The recovery agent was later
arrested and ICICI Bank extended a compensation package worth
INR15 lakh to the victim's family, the news agency relates.
Subsequently, there have been reports of agents being arrested
by the police and even assaulted by borrowers.

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.  On
Oct. 16, S&P assigned its 'BB+' issue rating to its senior
unsecured, five-year, fixed-rate U.S. dollar notes.


ITI LTD: Members Approve Appointment of Two New Directors
---------------------------------------------------------
ITI Ltd's members, during the 57th annual general meeting, have
approved the appointment of Lt. Gen S. P. Sree Kumar, AVSM and
A. K. Srivastava, DDG (AS) as directors of the company.  The
members also agreed to the re-appointment of Pritam Singh and
Ravi Agarwal as directors.

With the members approval, the company has adopted its balance
aheet as at March 31, 2007 and profit and loss accounts and the
cash flow statements for the year ended March 31, 2007, along
with the related report of the board of directors and the
corporate governance and auditor's report.

The shareholders further authorized the company's board to fix
the remuneration of the company's statutory and branch auditors
to be appointed by Comptroller and Auditor General of India for
the financial year 2007-2008.

ITI Limited -- http://www.itiltd-india.com/default.htm-- is a
telecom company, which manufactures a range of telecom
equipment, including switching products; transmission systems,
such as satellite communication systems, optical line
terminating equipments and digital microwave systems; access
products, such as fixed wireless local loop systems and digital
local loop carriers; terminal equipment, such as telephones,
integrated services digital network products and video
conferencing systems; microelectronic products and software;
information technology products and telecom products for the
defense sector, and other products, including solar power
systems and bank mechanizing products. It also provides value-
added services, such as shared hub very-small aperture terminal
services, and public mobile radio trunked services and
turnkey solutions.  Its customers include The Department of
Telecommunications, defense, railways, oil sector and corporates
in India, and certain African and South Asian nations.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Apr. 23, 2007, that Credit Analysis & Research Ltd. revised the
rating assigned to the 'L' series long term bond issue of ITI
Limited to CARE D (SO) [Single D (Structured Obligation)] from
CARE AAA (SO) [Triple A (Structured Obligation))] with Credit
Watch.  The rating revision took into account the delay in the
interest payment of the above said bond issue.

TCR-AP reported on Nov. 3, 2006, that Fitch Ratings assigned
final National ratings of 'D(ind)(SO)' to ITI's INR550 million
'J-1' Series long-term bonds.

ITI has incurred losses for at least two consecutive years --
INR4.12 in FY2006-07 and INR4.51 billion in FY2006-06.  The
company is a sick company as per provisions of India's Sick
Industrial Companies Act 1985.


PRIDE INTERNATIONAL: Morgan Keegan Keeps Market Perform Rating
--------------------------------------------------------------
Morgan Keegan analysts have kept their "market perform" rating
on Pride International Inc's shares, Newratings.com reports.

The analysts said in a research note that Pride International's
updated fleet status report indicates that only two of its US
Gulf jack ups are idle, as compared to five jack ups in the
previous update.

The analysts told Newratings.com that Pride International is
running its rigs at lower-than-anticipated day rates in an
attempt to improve its utilization rate.

Pride International's fleet status report indicates a marginal
increase in the shipyard/transit time across the fleet,
Newratings.com says, citing Morgan Keegan.

The earnings per share estimates for 2007 and 2008 were
decreased to US$2.76 from US$2.80, and to US$3.71 from US$3.77,
respectively, Newratings.com states.

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 277 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 16 tender-assisted, barge and platform rigs,
and 214 land rigs.  The company maintains worldwide operations
in France, Mexico, Kazakhstan, India, and Brazil, among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 4, 2007, Fitch Ratings has affirmed Pride International
Inc.'s Issuer Default Rating at 'BB' in addition to affirming
the ratings on Pride International's senior secured revolving
credit facility, senior unsecured notes and their convertible
senior notes.  The Rating Outlook is Stable.  Fitch maintains
the following ratings for Pride International:

-- Issuer Default Rating (IDR) at 'BB';
-- Senior unsecured at 'BB';
-- Senior secured bank facility at 'BBB-';
-- Senior convertible notes at 'BB'.

As reported in the Troubled Company Reporter-Latin America on
Aug. 3, 2007, Moody's affirmed Pride International, Inc.'s
credit ratings following the company's announcement of the
acquisition of a newbuild drillship to be delivered in 2010.

The ratings affirmed include the Ba1 corporate family rating,
the Ba2 rating on Pride's US$500 million senior notes due 2014,
the Baa2 rating on its US$500 million senior secured credit
facility and speculative grade liquidity rating of SGL-2.
Moody's said the outlook is stable.

Pride Ratings Affirmed:

-- Ba1 CFR and Probability of Default Rating;

-- US$500 million Senior Notes due 2014 rated Ba2 (LGD5, 71%);

-- US$500 million Senior Secured Credit Facility rated Baa2
    (LGD2, 13%);

-- Speculative Grade Liquidity Rating -- SGL-2;

-- Senior Unsecured Shelf rated (P)Ba2 (LGD5, 71%);

-- Subordinated Shelf rated (P)Ba2 (LGD6, 97%); and

-- Preferred Shelf rated Ba2 (LGD6, 97%).


SAMTEL COLOUR: CDR Cell Approves Financial Restructuring Scheme
---------------------------------------------------------------
Samtel Color Ltd informed the Bombay Stock Exchange that the
Corporate Debt Restructuring cell has approved the company's
financial restructuring scheme.

The Scheme, which has a cut off date of Jan. 1, 2007, provides
the restructuring of principal, funding of interest, conversion
of working capital irregularity into term loan, waiver of penal
interest, infusion of funds by promoters, pooling of security,
among others.

The Scheme will be given effect in the company's books of
account after it receives the approval letters from the lenders.

Headquartered in New Delhi, India, Samtel Color Ltd --
http://www.samtelgroup.com/samtelnew/home.jsp-- manufactures a
range of display devices like television picture tubes, tubes
for avionics, medical and industrial applications, glass parts
for picture tubes, components for tubes like deflection yokes
and engineering services.  The company's manufacturing facility
has a production capacity of approximately 6.2 million tubes per
annum.  The deflection yoke (DY) division of Samtel Color
manufactures DYs for color picture tubes.  The division supplies
its products to the color picture tube division, as well as some
television manufacturers in India.  The division also
manufactures deflection yokes for export to tube and television
manufacturers in South East Asia.  The electron devices division
of Samtel Color is a manufacturer of electron guns for color
picture tubes. The company also manufactures glass for
television and display tubes.  Through Samtel Electron Devices
GmbH, the company manufactures professional cathode ray tube
(CRTs).

As reported by the Troubled Company Reporter-Asia Pacific on
June 30, 2006, ICRA Limited has downgraded the rating for the
INR250-million Long-Term Non-Convertible Debenture Programme of
Samtel Color Limited to LBB from the LBBB- assigned earlier.
LBB is the inadequate-credit-quality rating assigned by ICRA.
The rated instrument carries high credit risk.  The rating
downgrade follows Samtel's delay in meeting its repayment
obligations against term loans from banks and financial
institutions because of the liquidity pressures brought about by
a sharp decline in the company's income and profits.


SHYAM TELECOM: Gets 3-Month Extension for Holding of AGM
--------------------------------------------------------
Shyam Telecom Ltd has obtained an extension of time from the
Registrar of Companies, Jaipur, for holding the annual general
meeting for a period of three months, the company informed the
Bombay Stock Exchange.

In that regard, the company can hold its AGM up until Dec. 31,
2007.

New Delhi, India-based Shyam Telecom Limited --
http://www.shyamtelecom.com/index.html-- and its subsidiaries'
operations relate to investments, providing telecommunication
and information technology services.  The telecom products and
services segment comprise of manufacturing and services in the
related area.  The turnkey projects and trading services segment
includes the turnkey projects and trading in telecom products.
The investment segment includes investments in the subsidiaries,
which are dealing in telecommunication sectors.  The software
products and services segment includes the services in the area,
including software and information technology related and
information technology enabled services.   It also offers
Internet-related products, including data on wire, data on air
and data on cable.

The Troubled Company Reporter-Asia Pacific reported on
Oct. 12, 2007, that the company has a US$22.80-million equity
deficit.


=========
J A P A N
=========

ADVANCED MEDICAL: Moody's Cuts Corporate Family Rating to B2
------------------------------------------------------------
Moody's Investors Service downgraded Advanced Medical Optics
Inc.'s Corporate Family Rating and Probability of Default Rating
to B2 from B1.  The rating outlook was revised to stable.  These
rating actions conclude the review process for possible
downgrade, which began on May 29, 2007.

The downgrade of the company's Corporate Family Rating to B2
from B1 reflects Moody's view that the worldwide recall of the
Complete MoisturePlus multipurpose solution will cause about
US$160 million of incremental costs and several months of lost
revenues.

Sidney Matti, analyst, stated that, "Over the intermediate term,
Advanced Medical Optics' operating performance will be muted
because of additional brand rebuilding costs, some collateral
damage to its products and litigation costs."  Moreover, the
company's cash flow generation will be hampered resulting in
debt levels higher than Moody's expectations.  Additionally, the
company's integration of IntraLase will continue to be a risk
factor.

Moody's notes that the company's other business segments
continue to experience revenue growth.  AMO continues to have
the leading position within the refractive surgery space with
over a 50% market share.

The stable ratings outlook anticipates the company will
successfully integrate IntraLase and experience continued
improved operating performance in the high single digits within
its existing businesses.  Additionally, the rating outlook
incorporates Moody's expectation that the company will continue
its acquisition strategy, albeit smaller in size, over the near
term.

These ratings were downgraded:

   -- Corporate Family Rating to B2 from B1;

   -- Probability of Default Rating to B2 from B1;

   -- Senior Secured Revolver (LGD2/14%) due 2013 to Ba2 from
      Ba1;

   -- Senior Secured Term Loan B (LGD2/14%) due 2014 to Ba2
      from Ba1;

   -- Senior Subordinated Notes (to LGD4/46% from LGD4/50%) due
      2017 to B2 from B1; and

   -- Convertible Subordinated Notes (to LGD5/80% from
      LGD5/81%) due 2024 to Caa1 from B3.

Headquartered in Santa Ana, California, Advanced Medical Optics
Inc. is a leader in the development, manufacturing and marketing
of medical devices for the eye through three major product
lines: cataract/implant, laser vision correction, and eye care.
For the twelve months ended June 29, 2007, Advanced Medical
Optics Inc. generated about US$1 billion in revenues.

The company has operations in 24 countries, including Germany,
Japan, Ireland, Puerto Rico, and Brazil, and markets products in
approximately 60 countries.


ADVANCED MEDICAL: Taps Michael Lambert as CFO
---------------------------------------------
Michael J. Lambert, 45, will join Advanced Medical Optics Inc.
on Oct. 15, 2007, as chief financial officer.

Mr. Lambert is a seasoned executive who brings to AMO
approximately 20 years of experience and a diverse financial
background.  Most recently, he was senior vice president and
chief financial officer of Quest Software, Inc. where he drove
productivity gains and controlled costs, improved cash flow
performance, integrated multiple acquisitions, and improved
resource allocation processes.

Prior to joining Quest in November 2004, Mr. Lambert was chief
financial officer at Quantum Corporation, and Nervewire, Inc., a
pre-IPO internet services firm.  He was also chief financial
officer for a division of Lucent Technologies.  Mr. Lambert
holds a master's degree from Harvard Graduate School of Business
Administration and a bachelor's degree from Stonehill College.

"Michael is an outstanding addition to our executive leadership
team," Jim Mazzo, AMO chairman, president and chief executive
officer, said.  "He is an experienced leader with an excellent
reputation and a deep understanding of the financial
requirements of a public company with a global presence.  I
expect Michael to play an integral role in advancing our
strategy to achieve sustained, profitable growth through
innovative vision technologies that enhance the quality of life
for people of all ages.  I am pleased to welcome Michael to
AMO."

At AMO, Mr. Lambert will oversee the company's finance,
accounting, tax, treasury and information technology functions
and report directly to Mr. Mazzo.

Before Mr. Lambert's appointment, Richard A. Meier, 48, held
positions of chief financial officer and chief operating officer
at AMO.  Mr. Meier will continue as AMO's chief operating
officer and assume additional responsibility for management of
the company's cataract/implant business and global customer
services function, while maintaining his existing management
responsibilities for AMO's eye care business and the company's
global manufacturing and supply chain operations.  C. Russell
Trenary, III, 50, who was previously president of the company's
cataract/implant business, has been named executive vice
president of global public policy and medical education
encompassing all of AMO's businesses and product lines.  Both
executives will continue to report directly to Mr. Mazzo.

                           About AMO

Based in Santa Ana, California, Advanced Medical Optics, Inc. --
http://www.amo-inc.com/-- (NYSE:EYE) develops advanced, life-
improving vision technologies for people of all ages.  Products
in the cataract/implant line include intraocular lenses,
phacoemulsification systems, viscoelastics, and related products
used in ocular surgery.  AMO owns or has the rights to such
product brands as ReZoom(R), Tecnis(R), Clariflex(R), Sensar(R),
and Verisyse(R) IOLs, Sovereign(R), Sovereign(R) Compact and
WhiteStar Signature(TM) phacoemulsification systems with
WhiteStar(R) technology, Healon(R) viscoelastics, and the
Baerveldt(R) glaucoma shunt.

The company has operations in 24 countries, including Germany,
Japan, Ireland, Puerto Rico, and Brazil, and markets products in
approximately 60 countries.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 4, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Advanced Medical Optics Inc. to 'B+' from 'BB-'; the
ratings have been removed from CreditWatch with negative
implications, where they were placed on Aug. 6, 2007.


JAPAN AIRLINES: Expands Code Share w/ Korean Air Lines
------------------------------------------------------
Japan Airlines International Co., Ltd., and Korean Air Lines
agreed to expand their code share operations to include the
airlines' flights operating between Haneda airport, Tokyo and
Gimpo airport in Seoul.  The agreement will come into effect on
October 28, 2007, and is subject to government approval.

Both JAL and Korean Air operate their own twice daily services
between the two airports.  The code share agreement will enable
them to place their airline designator code on each others
flights.  Tickets for the new code share flights go on sale from
October 17, 2007.

At present, JAL including Korean Air Lines code shares serves
South Korea on 14 routes with a total of 214 round-trip flights
per week, linking Seoul, Busan and Jeju Island to 8 cities
Japan.  With the addition of the two new daily code share
flights to Gimpo, JAL will offer a total of 228 round-trip
flights.

JAL and Korean Air Lines first started code sharing in August 1
2004 with flights between Seoul and the regional Japanese cities
of Komatsu, Niigata and Sapporo.

A detailed list of the schedules and their destinations can be
viewed for free at JAL's company website at:

    http://www.jal.com/en/press/0001143/1143.html

                       About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Feb. 9,
2007, that Standard & Poor's Ratings Services affirmed its 'B+'
long-term corporate credit and issue ratings on Japan Airlines
Corp. (B+/Negative/--) following the company's announcement of
its new medium-term management plan.  The outlook on the long-
term corporate credit rating is negative.

The TCR-AP reported on Oct. 10, 2006, that Moody's Investors
Service affirmed its Ba3 long-term debt ratings and issuer
ratings for both Japan Airlines International Co., Ltd and Japan
Airlines Domestic Co., Ltd.  The rating affirmation is in
response to the planned restructuring of the Japan Airlines
Corporation group on Oct. 1, 2006 with the completion of the
merger of JAL's two operating subsidiaries, JAL International
and Japan Airlines Domestic.  JAL International will be the
surviving company.  The rating outlook is stable.

Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.


=========
K O R E A
=========

SUN MICROSYSTEMS: Pushes to Expand Consumer Market, Report Says
---------------------------------------------------------------
Social networking, financial services and the telecommunications
and cable industries are the computer industry's new growth
engines, The Korea Herald cites Sun Microsystems Inc.'s found
and chairman, Scott McNealy, as saying at a news conference in
Seoul.

The report relates that Mr. McNealy is in Korea attending the
2007 Korea Electronics Show.

According to The Herald, Mr. McNealy pointed out that user-
generated content is becoming the fastest-growing marketing tool
in the industry and that Sun Microsystems has increased its
investment in the areas of computing networks.

Mr. McNealy believes that Korea's strong technical expertise and
service capabilities have brought phenomenal growth to the local
market, the report notes.  "We grew 14 percent in the last
fiscal year in Asia, beating our growth goal of 10 percent," he
said.

"Korea has the technical expertise that can value and
participate in R&D opportunities in the community.  It is a huge
advantage," he added.

The company's focus on sharing open source applications, its
eco-responsible management, new partnerships and new growth
engines mean a bullish outlook for the next five to 10 years,
Mr. McNealy further told reporters.

"Java is run in almost all consumer electronics products.  If it
is proven technology which is open and run in all Java-based
devices, our strategy will allow us to participate more
aggressively in the consumer market," he said.

Sun Microsystems, The Herald recounts, relocated its Asia-
Pacific strategic marketing headquarters to Seoul from Singapore
in June.  Since its establishment in 2005, its Java Research
Center in Korea has focused on developing Java platform-based
software technologies and enabling energy-efficient computing.


Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: SUNW) -- http://www.sun.com/-- provides network
computing infrastructure solutions that include computer
systems, data management, support services and client solutions
and educational services.  It sells networking solutions,
including products and services, in most major markets worldwide
through a combination of direct and indirect channels.

                         *     *     *

Sun Microsystems Inc. carries Moody's "Ba1" probability of
default and long-term corporate family ratings with a stable
outlook.  The ratings were placed on Sept. 22, 2006, and
Sept. 22, 2005, respectively.

Sun Microsystems also carries Standard & Poor's "BB+" long-term
foreign and local issuer credit ratings, which were placed on
March 5, 2004, with a stable outlook.


* S&P Affirms Republic of Korea's Sovereign Ratings
---------------------------------------------------
Standard & Poor's Ratings Services had affirmed its 'A/A-1'
foreign currency and 'A+/A-1' local currency sovereign credit
ratings on the Republic of Korea.  The outlook is stable.

"Korea's credit profile includes two dynamic trends that balance
each other out," Standard & Poor's credit analyst Takahira Ogawa
said.  On the one hand, the détente between South and North
Korea and progress on the six-party talks lessen the risk of war
and the risk of economic collapse in North Korea.

Although Korea's financial assistance to North Korea is likely
to be substantial over the coming decades, it would nevertheless
be small compared to the cost associated with a potential war
with or the sudden economic collapse of North Korea.  Thus, the
contingent fiscal risks emanating from this geopolitical issue
have diminished.

However, offsetting this positive trend, the external
liabilities of Korea's financial sector have increased markedly
to a projected US$225 billion at year-end 2007, from
US$67 billion in 2002.  If external liabilities continue
to increase at this pace, the sovereign could be in a net
external debtor position next year for the first time since the
Asian financial crisis.  During that crisis and on repeated
occasions since, the government has intervened with public money
to support its banks.  "Given the high level of domestic
credit to GDP (134% of 2007 GDP) and the financial sector's
increased reliance on cross-border interbank funding, the
contingent fiscal risks emanating from the financial sector have
grown," said Mr. Ogawa.

Korea's financial profile also includes some well-established
trends.  Korea has a flexible and resilient economy that has
grown an average 5.7% a year since 1999.  The government has
maintained an average general government surplus of 1.3% of GDP,
although these surpluses have not translated into a reduction of
gross general government debt, which is projected to remain at
38% of GDP by the end of 2007, the same level as that in 2005.

The outlook on the ratings on Korea is stable.  "Upward pressure
on the ratings could come from a renewed effort to make the
labor market more flexible or the small business sector more
competitive, or from further evidence that the detente with
North Korea will lead to a lasting peace," said Mr. Ogawa.

"Conversely, downward pressure could be placed on the ratings if
the high contingent fiscal risks posed by the financial sector
are realized, such that there is a need for government
assistance."


===============
M A L A Y S I A
===============

AMSTEEL CORP: Bursa Removes Securities from List
------------------------------------------------
Bursa Malaysia Securities Bhd removed the securities of Amsteel
Corporation Berhad, an Amended Practice Note No. 17 company,
from its Official List on Oct. 12, 2007.

The bourse, on October 1, announced that it will proceed to
remove the securities of Amsteel after the company had failed to
make the Requisite Announcement of its regularization plans in
accordance with paragraph 8.14C of the Listing Requirements of
Bursa Securities and PN17 by September 30, 2007.

Bursa Securities had also informed the company that it was not
able to consider the company's application for further extension
of time as stated in the letter dated September 28, 2007, as the
decision communicated to the company on August 1, 2007, was
final.



Headquartered in Kuala Lumpur, Malaysia, Amsteel Corporation
Berhad is involved in the provision of plantation management,
property development, management and contractor; hotel operation
and food court.  The Company is also involved in transportation
and logistic services, department stores, nominee services,
trading securities, manufacture and sale of tools, dies, tyres,
rubber compound, light trucks and buses, financial management;
distributes steel products, develops real estate property;
cultivation of rubber and oil palm, golf and country club, sale
and distribute Suzuki motorcycles, beer brewing and mineral
water bottling.

As of June 30, 2006, the Company's accumulated losses reached
MYR2,119,522,000.  The Company was classified under Bursa
Malaysia Securities Berhad's Amended Practice Note 17 category
and is required to submit and implement a financial
regularization plan to avert delisting procedures.


DATAPREP HOLDINGS: Looks to Buy Firms with Same Core Business
-------------------------------------------------------------
Dataprep Holdings Bhd, which is controlled by Datuk Lim Chee
Wah, will use the proceeds raised from its recent rights issue
to acquire similar businesses in a move to become a pan-Asian
information technology giant, The Edge Daily reports.

Dataprep's chief executive officer, Chew Liong Kim, said:
"Acquisition of companies of similar businesses is the way to
go, otherwise it will be too slow".

Dataprep, according to The Edge, had raised CNY47.29 million
from its proposed renounceable rights issue of 189.18 million
shares at 25 sen each with up to 47.3 million warrants, which
was completed on Sept 25.

The proceeds from the rights issue have transformed Dataprep
into a zero gearing company with MYR47 million cash in bank.  Of
this, MYR13 million had been used to clear its debts while the
rest will be used for expansion of its business, the paper
relates.

According to a Singapore's Business Times report, quoting
Mr. Chew, the company would use the money for assets or
investments which can generate annual return over investments of
between 15% and 20%.

He was also reported as saying that the merger and acquisition
exercise could help expedite Dataprep's income stream curve from
outside Malaysia, the news agency says.

Dataprep plans to see the contribution to its earnings for its
overseas operations rising to 30% by 2010 from the current 20%.

Speaking to The Edge Financial Daily, Mr. Chew said the company
was in preliminary merger and acquisition talks with potential
partners locally and overseas.

"It is too early to make any announcement at this moment," he
added.

Dataprep's core business includes outsourcing and managed
services, system integration and payment solutions with 65% of
its business coming from the government and the rest from the
private sector, including banks and insurance companies.

The financially-troubled company was recently released from
Bursa Malaysia's Practice Note 17 (PN17) list after the rights
issue.

Headquartered in Petaling Jaya, Dataprep Holdings Berhad is an
investment holding company that provides management services to
its subsidiary companies.  The company provides a spectrum of
information, communication and technology services from business
and technology consulting, systems and network integration,
software developments to managed services, e-business and
application services.

The company was currently lifted out from its listing as Amended
Practice Note 17 company after completing its rights issue on
Sept. 25, 2007.


MYCOM BERHAD: Seeks Shareholders' Nod on Change of Name
-------------------------------------------------------
The board of directors of Mycom Bhd is seeking approval from the
shareholders of the company to change its name to DutaLand Bhd.

In addition, the board would seek to obtain shareholders'
approval for these proposals to be tabled as resolutions at the
forthcoming 40th Annual General Meeting of Mycom.

   1) Proposed renewal of shareholders' mandate for recurrent
      related party transactions of a revenue or trading
      nature;

   2) Proposed renewal of general mandate for financial
      assistance;

   3) Proposed amendments to the Memorandum and Articles of
      Association of the Company; and

   4) Proposed change of name of Mycom to DutaLand Berhad.

A circular to shareholders containing the details of the
Proposals will be issued in due course.


Headquartered in Kuala Lumpur, Malaysia, Mycom Berhad --
http://www.mycom.com.my/-- is engaged in the provisions of
granite quarry services, manufactures and sells latex rubber
thread, tape, plywood, laminated board and sawn timber,
cultivates oil palm fruits, and develops property.
The company is also involved in hotel operation, provision of
management and financial services and investment holding.
Operations of the Group are carried out in Malaysia and South
Africa.

Mycom is in the advanced stage of negotiations to settle its
foreign debts.  The proposed capital reduction and consolidation
by Mycom, as well as the proposed share premium account
reduction will reduce the company's accumulated losses.


====================
N E W  Z E A L A N D
====================

FELTEX CARPETS: Material Info Withheld, Security Commission Says
----------------------------------------------------------------
New Zealand's Securities Commission has determined that Feltex
Carpets Ltd failed to disclose certain material information to
the market concerning changes to its banking facility agreement
with ANZ Group in October 2005.

The Commission made the finding after an inquiry into Feltex's
Initial Public Offering prospectus and the company's compliance
with financial reporting and continuous disclosure obligations.

"Careful attention to continuous disclosure and financial
reporting is vital to allow investors to make informed decisions
about holdings in listed companies", said Commission Chairman
Jane Diplock.  "This becomes all the more important when a
company is facing difficult circumstances."

Additionally, the Commission concluded that:

   -- Feltex failed to disclose the breach of its banking
      covenants;

   -- Feltext did not properly classify its debt in its Dec. 31,
      2005 half-year financial statements; and

   -- the work undertaken by Ernst & Young New Zealand in its
      review of the Dec. 31, 2005 half-year financial statements
      failed to meet the required standards.

The IPO prospectus, however, was not misleading in any material
particulars, the investment regulator points out.

Matters arising from the Commission's findings have been
referred to the Registrar of Companies, the Accounting Standards
Review Board, and the New Zealand Institute of Chartered
Accountants.

A copy of the Commission's report is available for free on the
regulator's Web site at:

http://www.seccom.govt.nz/publications/documents/feltex/

The Commission's report raises questions about whether the
Feltex's directors met duties to the company, Marta Steeman of
The Dominion Post cites the company's liquidators McDonald
Vague.  "We consider the directors were reckless to continue to
trade a public company and not comply with ongoing disclosure
obligations," the news agency quotes the liquidators.

As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 2, 2007, John Vague of McDonald Vague, notified eight
of the carpet manufacturer's former directors that they face
legal action totaling more than NZ$20 million.  The liquidator
has also set a November court date with Feltex's bank, ANZ
Group.  The bank, which Feltex then owed AU$119.5 million
(NZ$133.8 million), placed the carpet maker in receivership in
September.

The Commission's report, however, notes that, because Feltex was
in liquidation and its shares no longer traded and the liability
for breaches of continuous disclosure rested with the company,
there was no realistic chance of taking action against the
company, The Press relates.  Under the law in force in 2005, the
report states, directors and officers of companies could not be
held liable for continuous disclosure breaches.

Feltex's constitution required the directors to comply with NZX
listing rules and legislation and NZX rules required continuous
disclosure of material information to NZX and therefore to the
market, the liquidators insisted according to The Post.  The
liquidators admitted that funding is a key issue to its
forwarding its legal action, the news agency reported.

                       About Feltex Carpets

Headquartered in Auckland, New Zealand, and established over 50
years ago, Feltex Carpets Limited -- http://www.feltex.com/--
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
includes a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.  The company also leads the way
in exports, with customers throughout South East Asia, Japan,
the United States, the Middle East and other key world markets.

NZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey,
of McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst
acquired Feltex as a going concern, including its assets and
undertakings in New Zealand, Australia, and the United States.
Proceeds of the sale will be used to ease the company's NZ$128-
million debt to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of
an application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation.  John
Vague was appointed as liquidator.


=====================
P H I L I P P I N E S
=====================

BANCO DE ORO-EPCI: BSP OKs Unsecured Subordinated Debt Issuance
---------------------------------------------------------------
Banco de Oro ? EPCI, Inc., through a disclosure with the
Philippine Stock Exchange, says that the Bangko Sentral ng
Pilipinas has allowed its proposed issuance of up to
PHP10 billion Peso-denominated, 10-year unsecured subordinated
debt, qualifying as Lower Tier 2 Capital.

BDO says that BSP allowed its USD to be issued both on a private
and public basis, in one or more tranches and with a provision
for a step-up in the USD's interest rate.

Once defined, BDO says, it will timely apprise the PSE of the
final terms of its USD Issuance.

                          *     *     *

Banco de Oro-Equitable PCI Inc. is the result of a merger
between Banco de Oro Universal Bank and Equitable PCI, with BDO
as the surviving entity.

On June 1, 2007, Moody's Investors Service said it had withdrawn
its ratings for Equitable PCI Bank following its merger with
Banco de Oro Universal Bank.

In a statement, Moody's said the merged entity, Banco de Oro-
EPCI, will assume BDO's "Ba2" rating both for its senior
unsecured debt and subordinated debt, with a stable outlook.

Moody's withdrew its ratings for Equitable PCI following the
merger.

The Troubled Company Reporter-Asia Pacific reported on June 11,
2007, that Standard & Poor's Ratings Services withdrew its 'BB-'
counterparty credit ratings on Equitable PCI Bank Inc., as its
merger with Banco De Oro Universal Bank became effective on
May 31.

S&P retained its 'BB-' counterparty credit rating and the issue
ratings on both Equitable and Banco de Oro's rated debts.
Equitable's rated debts will be transferred to the Banco de Oro-
EPCI.




                           *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.




                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Mark Andre Yapching, Azela Jane Taladua, Rousel
Elaine Tumanda, Valerie Udtuhan, Francis James Chicano, Tara
Eliza Tecarro, Freya Natasha Fernandez-Dy, Frauline Abangan, and
Peter A. Chapman, Editors.

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.

                 *** End of Transmission ***